As NSW emerges from its 100+ day lockdown, ad tech company Blis has provided some insight on how businesses can expect customers to behave as they enjoy their newfound freedom.
Most importantly, businesses should be ready for a rapid uptick in spending, according to Blis, as consumer confidence returns and businesses open up.
Looking at the UK as an example, which lifted its lockdown restrictions earlier this year, there was an almost immediate increase in consumer confidence of 10.24 per cent from the previous month.
“Historical data tells us that the consumer activity resumes quickly after each lockdown even if the lockdown is severe and protracted,” said Blis in the report.
Many retailers would also be excited that the lifting of restrictions in NSW has coincided with the beginning of the holiday shopping season.
Blis has advised businesses to use this as an opportunity to engage.
“Shoppers become significantly more willing to try new options in their brand choices during the festive shopping season, with the average retail customer +61 per cent more likely to also visit another brand even during partly locked down Australia last year,” Blis said.
To make the most of this, Blis recommends businesses turn to retention strategies to draw previous customers to return or target historical customers and serve them with offers as well as launching a ‘conquest strategy’ to target their rival’s customers.
There is also the recommendation businesses use advertising to remain front of mind for customers who are willing to still spend, albeit in a restricted manner. Household targeting will be a particularly useful tool here, Blis said.